LO.1 Gladwin is the owner of numerous office buildings. His intention is to hold the buildings until they increase in value and then sell them. He rents the buildings to tenants while he is holding them. In 2010, he sold a building for $4.5 million. He had held the building for 15 years, and it had a tax basis of $2 million. Was the building a capital asset?

Why or why not.

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